California FHA Streamline Refinances now available with Lower MIP
Vastly improved Options for California FHA Streamline Refinances are coming. The Whitehouse announced today that HUD has authorized changes to the FHA Streamline Refinance Program that will help many California Homeowners with FHA Loans made prior to June 1, 2009 save hundreds per month.
The options for FHA Streamlines and FHA Jumbo Streamline Refinances in California have been prohibitive the past couple years due to increased FHA Mortgage Insurance rates. The new program will reduce the Upfront Mortgage Insurance Premium (UFMIP) to .01% according the news release by the Obama Administration at the Whitehouse today. But the good part is that the annual Mortgage Insurance Premium is being reduced to .55% for FHA Streamlines and FHA Jumbo Streamlines from a previous level of 1.15%.
These changes to FHA Streamline and FHA Jumbo Streamline rules will open the door for Homeowners with FHA Loans to save hundreds per month in most cases.
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